The need for development of dynamic capabilities’ perspectives as a panacea to poor performance of SMEs in less developed economy (Nigeria).
Keywords:
Dynamic Capabilities, Small and Medium Enterprises, Firm Performance, Reconfiguration, Transformation, Learning, Integration
Abstract
A firm’s constant pursuit of the renewal, reconfiguration and recreation of resources, capabilities and core capabilities to address environmental change of capabilities that are conducive to longterm performance rather than simply a subset of the capabilities would enhance and sustain competitive advantage. The major pre-occupation of this paper was to consider the antecedents, roles and importance of SMEs in less developed economies (i.e. Nigeria) and employ dynamic capabilities’ perspective as therapy to be used and overcome SMEs’ poor performance .
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References
Abiodun, T. S., & Mahmood, R. (2014). The mediating effect of reconfiguring capabilities on the relationship between entrepreneurial orientation and export performance of small and medium enterprises. European Journal of Business and Management, 6(34), 345-357
Abiodun, T. S., & Mahmood, R. (2015), The impact of entrepreneurial orientation, reconfiguring capability and moderation of environmental turbulence on export performance of SMEs in Nigeria. Journal of Economics and Behavioral studies, 7(3), 76-87. 17-42.
Abiodun, T. S., Makama, L. L. & Babatunde, D. A. (2016), The impact of reconfiguring capability and components of export market orientation on export performance of SMEs in Nigeria. International Journal of Banking, Finance, Management & Development Studies 2(1),
Akeem, U. O. (2011). Non-Oil Export Determinant and Economic Growth Nigeria (1988-2008).European Journal of Business and Management, 3(3), 236-257
Ambrosini, V., & Bowman, C. (2009). What are dynamic capabilities and are they a useful construct in strategic management? International Journal of Management Reviews, 11(1), 29-49
Analoui, F., & Karami, A. (2003). Strategic Management: In Small and Medium Enterprises.London: Cengage Learning EMEA.
Anthony, E. (2010). Agricultural credit and economic growth in Nigeria: An empirical analysis.Business and Economics Journal, 14, 1-7.
Ayanda, A. M., & Laraba, A. S. (2011). Small and medium scale enterprises as a survival strategy for employment generation in Nigeria. Journal of Sustainable Development, 4(1), p200.
Brush, T. H., & Artz, K. W. (1999). Toward a contingent resource‐based theory: the impact of information asymmetry on the value of capabilities in veterinary medicine. Strategic Management Journal, 20(3), 223-250.
Central Bank of Nigeria, (2010), ''2010 Annual Report'', Abuja: C entral Bank of Nigeria.Chmielewski, D. A., & Paladino, A. (2007). Driving a resource orientation: reviewing the role of resource and capability characteristics. Management Decision, 45(3), 462-483.
Chinedu, E. A., & Wilson, M. D. (2010). Entrepreneurial Orientation and export marketing performance.International Research Journal of Finance and Economics(38)
Corner, P. D., & Wu, S. (2012). Dynamic capability emergence in the venture creation process.International Small Business Journal, 30(2), 138-160.
Drnevich, P. L., & Kriauciunas, A. P. (2011). Clarifying the conditions and limits of the contributions of ordinary and dynamic capabilities to relative firm performance. Strategic Management
Easterby‐Smith, M., Lyles, M. A., & Peteraf, M. A. (2009). Dynamic capabilities: current debates and future directions. British Journal of Management, 20(s1), S1-S8.
Easterby‐Smith, M., & Prieto, I. M. (2008). Dynamic Capabilities and Knowledge Management:an Integrative Role for Learning?. British Journal of Management, 19(3), 235-249
Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: what are they? Strategic Management Journal, 21(10-11), 1105-1121.
Fiol, C. M., & Lyles, M. A. (1985a). Organizational learning. Academy of Management Review, 10(4), 803-813.
Griffith, D. A., & Harvey, M. G. (2001). A resource perspective of global dynamic capabilities.Journal of International Business Studies, 597-606.
Helfat, C. E. (2007). Stylized facts, empirical research and theory development in management. Strategic Organization, 5(2), 185-192.
Helfat, C. E., Finkelstein, S., Mitchell, W., Peteraf, M., Singh, H., Teece, D., & Winter, S. G. (2009). Dynamic capabilities: Understanding strategic change in organizations.Malden:
John Wiley & Sons.
Helfat, C. E., & Winter, S. G. (2011). Untangling Dynamic and Operational Capabilities:Strategy for the (N) ever‐Changing World. Strategic Management Journal, 32(11), 1243-1250
Hitt, M. A., Ireland, R. D., Camp, S. M., & Sexton, D. L. (2001). Strategic entrepreneurship:Entrepreneurial strategies for wealth creation. Strategic Management Journal, 22(6‐7), 479-491.
Ibeh, K. I., & Young, S. (1999). The Contingency Model of Export Entrepreneurship: A proposed conceptual framework for initial export venturing. Strathclyde Univ., Glasgow(United Kingdom): Strathclyde International Business Unit.
Kaleka, A. (2002). Resources and capabilities driving competitive advantage in export markets:guidelines for industrial exporters. Industrial Marketing Management, 31(3), 273-283
Khavul, S. (2010). Microfinance: creating opportunities for the poor? The Academy of Management Perspectives, 24(3), 58-72
Kogut, B., & Zander, U. (1992). Knowledge of the firm, combinative capabilities, and the replication of technology. Organization science, 3(3), 383-397
Makadok, R. (2010). The interaction effect of rivalry restraint and competitive advantage on profit: why the whole is less than the sum of the parts. Management Science, 56(2), 356-372
Nelson, R. R., & Winter, S. G. (1982). An evolutionary theory of economic change. Cambridge, MA: Havard University press..
Newbert, S. L. (2005). New Firm Formation: A Dynamic Capability Perspective*. Journal of Small Business Management, 43(1), 55-77.
Ogunsiji, A. S. (2010). Entrepreneurial Orientation as a Panacea for the Ebbing Productivity in Nigerian Small and Medium Enterprises: A Theoretical Perspective. International Business Research, 3(4), P192
Onugu, B. A. N. (2005). Small and medium enterprises (SMEs) in Nigeria: Problems and prospects. St. Clements University, Nigeria (Unpublished Dissertation for a Doctor of Philosophy in Management Award).
Oyefuga, I. O., Siyanbola, W. O., Afolabi, O. O., & Dada, A. D. (2008). SMEs funding: an assessment of an intervention scheme in Nigeria. World Review of Entrepreneurship, Management and Sustainable Development, 4(2), 233-245.
Peng, M. W., & York, A. S. (2001). Behind intermediary performance in export trade: Transactions, agents, and resources. Journal of International Business Studies, 327-346.
Razak, R. A. (2011). Entrepreneurial orientation as a universal remedy for the receding productivity in Malaysian small and medium enterprises: A theoretical perspective. Int Jl of Bus and Soc Science, 2(19), 249-257.
Sanusi, S. L. (2010). Growth Prospects for the Nigerian economy. Convocation Lecture delivered at the Igbinedion University Eighth Convocation Ceremony, Okada, Edo State, Nigeria.
Sanusi, S. L., & Governor, C. (2011). Banks in Nigeria and National Economic Development: A Critical Review. Paper presented at the Being a keynote Address at the seminar on “Becoming an Economic Driver While Applying Banking Regulations”, organized by the Canadian High Commission in Joint Collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) and the Royal Bank of Canada (RBC) on March.
Sapienza, H. J., Autio, E., George, G., & Zahra, S. A. (2006). A capabilities perspective on the effects of early internationalization on firm survival and growth. Academy of Management Review, 31(4), 914-933.
Schumpeter, J. (1994). A. 1954. History of economic analysis. Abingdon, Oxon :Routledge Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management.Strategic management journal, 18(7), 509-533.
Temme, D., Kreis, H., & Hildebrandt, L. (2006). PLS path modeling: A software review: SFB 649 discussion paper.
Winter, S. G. (2003). Understanding dynamic capabilities. Strategic Management Journal,24(10), 991-995
Zollo, M., & Winter, S. G. (2002). Deliberate learning and the evolution of dynamic capabilities
Zahra, S. A., Sapienza, H. J., & Davidsson, P. (2006). Entrepreneurship and dynamic capabilities: a review,model and research agenda*. Journal of Management studies, 43(4), 917-955
Abiodun, T. S., & Mahmood, R. (2015), The impact of entrepreneurial orientation, reconfiguring capability and moderation of environmental turbulence on export performance of SMEs in Nigeria. Journal of Economics and Behavioral studies, 7(3), 76-87. 17-42.
Abiodun, T. S., Makama, L. L. & Babatunde, D. A. (2016), The impact of reconfiguring capability and components of export market orientation on export performance of SMEs in Nigeria. International Journal of Banking, Finance, Management & Development Studies 2(1),
Akeem, U. O. (2011). Non-Oil Export Determinant and Economic Growth Nigeria (1988-2008).European Journal of Business and Management, 3(3), 236-257
Ambrosini, V., & Bowman, C. (2009). What are dynamic capabilities and are they a useful construct in strategic management? International Journal of Management Reviews, 11(1), 29-49
Analoui, F., & Karami, A. (2003). Strategic Management: In Small and Medium Enterprises.London: Cengage Learning EMEA.
Anthony, E. (2010). Agricultural credit and economic growth in Nigeria: An empirical analysis.Business and Economics Journal, 14, 1-7.
Ayanda, A. M., & Laraba, A. S. (2011). Small and medium scale enterprises as a survival strategy for employment generation in Nigeria. Journal of Sustainable Development, 4(1), p200.
Brush, T. H., & Artz, K. W. (1999). Toward a contingent resource‐based theory: the impact of information asymmetry on the value of capabilities in veterinary medicine. Strategic Management Journal, 20(3), 223-250.
Central Bank of Nigeria, (2010), ''2010 Annual Report'', Abuja: C entral Bank of Nigeria.Chmielewski, D. A., & Paladino, A. (2007). Driving a resource orientation: reviewing the role of resource and capability characteristics. Management Decision, 45(3), 462-483.
Chinedu, E. A., & Wilson, M. D. (2010). Entrepreneurial Orientation and export marketing performance.International Research Journal of Finance and Economics(38)
Corner, P. D., & Wu, S. (2012). Dynamic capability emergence in the venture creation process.International Small Business Journal, 30(2), 138-160.
Drnevich, P. L., & Kriauciunas, A. P. (2011). Clarifying the conditions and limits of the contributions of ordinary and dynamic capabilities to relative firm performance. Strategic Management
Easterby‐Smith, M., Lyles, M. A., & Peteraf, M. A. (2009). Dynamic capabilities: current debates and future directions. British Journal of Management, 20(s1), S1-S8.
Easterby‐Smith, M., & Prieto, I. M. (2008). Dynamic Capabilities and Knowledge Management:an Integrative Role for Learning?. British Journal of Management, 19(3), 235-249
Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: what are they? Strategic Management Journal, 21(10-11), 1105-1121.
Fiol, C. M., & Lyles, M. A. (1985a). Organizational learning. Academy of Management Review, 10(4), 803-813.
Griffith, D. A., & Harvey, M. G. (2001). A resource perspective of global dynamic capabilities.Journal of International Business Studies, 597-606.
Helfat, C. E. (2007). Stylized facts, empirical research and theory development in management. Strategic Organization, 5(2), 185-192.
Helfat, C. E., Finkelstein, S., Mitchell, W., Peteraf, M., Singh, H., Teece, D., & Winter, S. G. (2009). Dynamic capabilities: Understanding strategic change in organizations.Malden:
John Wiley & Sons.
Helfat, C. E., & Winter, S. G. (2011). Untangling Dynamic and Operational Capabilities:Strategy for the (N) ever‐Changing World. Strategic Management Journal, 32(11), 1243-1250
Hitt, M. A., Ireland, R. D., Camp, S. M., & Sexton, D. L. (2001). Strategic entrepreneurship:Entrepreneurial strategies for wealth creation. Strategic Management Journal, 22(6‐7), 479-491.
Ibeh, K. I., & Young, S. (1999). The Contingency Model of Export Entrepreneurship: A proposed conceptual framework for initial export venturing. Strathclyde Univ., Glasgow(United Kingdom): Strathclyde International Business Unit.
Kaleka, A. (2002). Resources and capabilities driving competitive advantage in export markets:guidelines for industrial exporters. Industrial Marketing Management, 31(3), 273-283
Khavul, S. (2010). Microfinance: creating opportunities for the poor? The Academy of Management Perspectives, 24(3), 58-72
Kogut, B., & Zander, U. (1992). Knowledge of the firm, combinative capabilities, and the replication of technology. Organization science, 3(3), 383-397
Makadok, R. (2010). The interaction effect of rivalry restraint and competitive advantage on profit: why the whole is less than the sum of the parts. Management Science, 56(2), 356-372
Nelson, R. R., & Winter, S. G. (1982). An evolutionary theory of economic change. Cambridge, MA: Havard University press..
Newbert, S. L. (2005). New Firm Formation: A Dynamic Capability Perspective*. Journal of Small Business Management, 43(1), 55-77.
Ogunsiji, A. S. (2010). Entrepreneurial Orientation as a Panacea for the Ebbing Productivity in Nigerian Small and Medium Enterprises: A Theoretical Perspective. International Business Research, 3(4), P192
Onugu, B. A. N. (2005). Small and medium enterprises (SMEs) in Nigeria: Problems and prospects. St. Clements University, Nigeria (Unpublished Dissertation for a Doctor of Philosophy in Management Award).
Oyefuga, I. O., Siyanbola, W. O., Afolabi, O. O., & Dada, A. D. (2008). SMEs funding: an assessment of an intervention scheme in Nigeria. World Review of Entrepreneurship, Management and Sustainable Development, 4(2), 233-245.
Peng, M. W., & York, A. S. (2001). Behind intermediary performance in export trade: Transactions, agents, and resources. Journal of International Business Studies, 327-346.
Razak, R. A. (2011). Entrepreneurial orientation as a universal remedy for the receding productivity in Malaysian small and medium enterprises: A theoretical perspective. Int Jl of Bus and Soc Science, 2(19), 249-257.
Sanusi, S. L. (2010). Growth Prospects for the Nigerian economy. Convocation Lecture delivered at the Igbinedion University Eighth Convocation Ceremony, Okada, Edo State, Nigeria.
Sanusi, S. L., & Governor, C. (2011). Banks in Nigeria and National Economic Development: A Critical Review. Paper presented at the Being a keynote Address at the seminar on “Becoming an Economic Driver While Applying Banking Regulations”, organized by the Canadian High Commission in Joint Collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) and the Royal Bank of Canada (RBC) on March.
Sapienza, H. J., Autio, E., George, G., & Zahra, S. A. (2006). A capabilities perspective on the effects of early internationalization on firm survival and growth. Academy of Management Review, 31(4), 914-933.
Schumpeter, J. (1994). A. 1954. History of economic analysis. Abingdon, Oxon :Routledge Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management.Strategic management journal, 18(7), 509-533.
Temme, D., Kreis, H., & Hildebrandt, L. (2006). PLS path modeling: A software review: SFB 649 discussion paper.
Winter, S. G. (2003). Understanding dynamic capabilities. Strategic Management Journal,24(10), 991-995
Zollo, M., & Winter, S. G. (2002). Deliberate learning and the evolution of dynamic capabilities
Zahra, S. A., Sapienza, H. J., & Davidsson, P. (2006). Entrepreneurship and dynamic capabilities: a review,model and research agenda*. Journal of Management studies, 43(4), 917-955
Published
2018-08-30
How to Cite
Samson, A. T. (2018). The need for development of dynamic capabilities’ perspectives as a panacea to poor performance of SMEs in less developed economy (Nigeria). IJRDO - Journal of Business Management, 4(8), 79-88. https://doi.org/10.53555/bm.v4i8.2418
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